Ring Energy (NYSEAMERICAN:REI) Now Covered by Analysts at Alliance Global Partners

Alliance Global Partners began coverage on shares of Ring Energy (NYSEAMERICAN:REI - Free Report) in a report released on Friday morning. The brokerage issued a buy rating and a $2.50 target price on the stock.

Ring Energy Trading Down 3.8%

Shares of NYSEAMERICAN REI traded down $0.03 during mid-day trading on Friday, hitting $0.79. The stock had a trading volume of 1,590,098 shares, compared to its average volume of 2,311,020. The business has a 50 day moving average price of $0.80 and a two-hundred day moving average price of $1.11. Ring Energy has a 1 year low of $0.72 and a 1 year high of $2.06. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.44 and a current ratio of 0.47. The firm has a market cap of $162.41 million, a P/E ratio of 2.18 and a beta of 0.77.

Ring Energy Dividend Announcement

The firm also recently declared a jun 25 dividend, which was paid on Tuesday, July 8th. Investors of record on Monday, June 30th were paid a $0.0965 dividend.

Insiders Place Their Bets

In other Ring Energy news, major shareholder Warburg Pincus (E&P) Xii Llc sold 2,486,027 shares of the company's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $0.92, for a total value of $2,287,144.84. Following the completion of the transaction, the insider directly owned 20,509,300 shares in the company, valued at approximately $18,868,556. This represents a 10.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 8,436,343 shares of company stock valued at $7,183,625 in the last quarter. Insiders own 3.00% of the company's stock.

Hedge Funds Weigh In On Ring Energy

A number of institutional investors have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. increased its holdings in shares of Ring Energy by 1.0% during the fourth quarter. Ameriprise Financial Inc. now owns 5,332,208 shares of the company's stock valued at $7,252,000 after acquiring an additional 51,577 shares in the last quarter. AQR Capital Management LLC grew its position in Ring Energy by 28.6% during the 1st quarter. AQR Capital Management LLC now owns 3,350,472 shares of the company's stock valued at $3,853,000 after purchasing an additional 744,284 shares during the last quarter. Geode Capital Management LLC increased its stake in Ring Energy by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 3,060,543 shares of the company's stock valued at $4,163,000 after purchasing an additional 89,614 shares in the last quarter. Millennium Management LLC increased its stake in Ring Energy by 358.0% during the 4th quarter. Millennium Management LLC now owns 1,082,632 shares of the company's stock valued at $1,472,000 after purchasing an additional 846,241 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in Ring Energy in the fourth quarter worth about $1,378,000. Institutional investors own 77.14% of the company's stock.

About Ring Energy

Ring Energy, Inc, an independent oil and natural gas company, engages in the acquisition, exploration, development, and production of oil and natural gas properties. The company has interests in 56,711 net developed acres and 2,668 net undeveloped acres in Andrews, Gaines, Crane, Ector, Winkler, and Ward counties, Texas; and 8,751 net developed acres and 12,405 net undeveloped acres in Yoakum County, Texas and Lea County, New Mexico.